SANTANA MINERALS LIMITED (SMI)
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SMI

SMI - SANTANA MINERALS LIMITED

FNArena Sector : Gold & Silver
Year End: June
GICS Industry Group : NONE
Debt/EBITDA: -0.04
Index: ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.77

19 Mar
2026

-0.025

OPEN

$0.76

-3.14%

HIGH

$0.78

3,455,344

LOW

$0.74

TARGET
$1.70 120.8% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
SMI: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 0.3 - 0.8 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A N/A xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-0.3
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx0.0 M
Book Value Per Share xxxxxxxxxxxxxxx14.2
Net Operating Cash Flow xxxxxxxxxxxxxxx-2.7 M
Net Profit Margin xxxxxxxxxxxxxxx-

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-1.99 %
Return on Invested Capital xxxxxxxxxxxxxxx-1.99 %
Return on Assets xxxxxxxxxxxxxxx-1.92 %
Return on Equity xxxxxxxxxxxxxxx-1.99 %
Return on Total Capital xxxxxxxxxxxxxxx-5.52 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-3.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx0 M
Long Term Debt xxxxxxxxxxxxxxx0 M
Total Debt xxxxxxxxxxxxxxx0 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx50 M
Price To Book Value xxxxxxxxxxxxxxx3.66

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx16.3 M
Capex % of Sales xxxxxxxxxxxxxxx-
Cost of Goods Sold xxxxxxxxxxxxxxx0 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx5 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Bell Potter

03/03/2026

1

Speculative Buy

$1.70

120.78%

Santana Minerals has secured the first tranche of a $130m institutional placement at $0.90 per share, an -8.6% discount to the last traded price, with a Share Purchase Plan seeking up to a further $30m to fund development of the Bendigo Ophir Gold Project in New Zealand.

Bell Potter highlights funds raised will cover the equity component of construction and pre strip activities, including early civil works, exploration and long lead items, accelerating timelines ahead of the Fast Track Approval decision due on 29 October 2026.

A full take up would result in forma cash of around $240m, positioning the -$277m pre production capex project as fully funded alongside anticipated 60% debt financing.

 Speculative Buy retained, with the valuation increased to $1.70 from $1.50.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.80 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -2.60 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

xx/xx/xxxx

1

xxxxxxxxxxx xxx

$xx.xx

xx.xx%

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Shaw and Partners

06/02/2026

1

Buy

$2.15

179.22%

Santana Minerals confirmed a 140-working-day FTA (Fast-Track Approval) assessment period for the Bendigo-Ophir Gold Project, with a decision due by 29 October 2026. Shaw and Partners highlights this is longer than initially expected but provides greater certainty.

Development consent is now anticipated in 2H2026, supported by extensive baseline studies and mitigation plans, with over -NZ$8m invested across environmental, social and technical assessments.

Shaw and Partners maintained a Buy rating and $2.15 target price.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.70 cents.
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 17.40 cents.
Access Extra Coverage Research History >

SMI STOCK CHART

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